Congressional Resolution Calls for Removal of Argentina from the G20

Argentina's Sagging International Reputation Scrutinized by U.S. Lawmakers

WASHINGTON, June 13, 2012 /PRNewswire-USNewswire/ -- The following is being released by American Task Force Argentina:

On the eve of the G20 Summit in Los Cabos, Mexico, members of Congress have taken the first steps to call for the removal of Argentina from the G20 if it continues to ignore U.S. court judgments and its international economic obligations.  A new resolution introduced by U.S. Rep. Chris Smith (R-NJ), expresses the sense of the Congress that the Republic of Argentina's membership in the G20 should be conditioned on its "adherence to international norms of economic relations and commitment to the rule of law."

(Photo: http://photos.prnewswire.com/prnh/20120613/DC24575 )

H.Res.686  stipulates that the Republic of Argentina must "fulfill the responsibilities inherent with membership in the Group of Twenty Finance Ministers and Central Bank Governors (G20), in accordance with the principles articulated by this premier forum for international economic cooperation." In the event that Argentina fails to comply, the Resolution establishes that President Obama and the Treasury Secretary would work with G20 members to "terminate the participation of Argentina in the G20."

This resolution is the counterpart to Senate Resolution, S.Res.457, introduced by U.S. Sen. Richard Lugar (R-IN) on May 14, which also supports Argentina's suspension from the G20, unless it meets its obligations to the U.S. and other countries.

Calls to sanction Argentina have been echoed globally, from Spain and Germany to the United Kingdom. Last week, a UK petition urging British taxpayers to stop supporting multilateral development bank loans to Argentina went viral.  In the United States, a House Financial Services subcommittee held a hearing that showcased Argentina as a nation that does not respect U.S. or international law.

"Rep. Smith is to be commended for his resolution. His initiative is part of a growing international outcry against Argentina's bad acts," explained Robert Raben, co-chair of American Task Force Argentina.  "Argentina has repeatedly refused to adhere to the spirit and the letter of G20 declarations, and at a time of financial instability, this lawlessness should no longer be tolerated."

ATFA an alliance of diverse organizations advocating a fair and final resolution to Argentina's financial and legal obligations to U.S. citizens is led by Executive Director Robert Raben, a former Assistant Attorney General at the U.S. Department of Justice, and co-chaired by The Honorable Robert J. Shapiro, former Under Secretary of Commerce for Economic Affairs in the Clinton Administration, and Ambassador Nancy Soderberg, Ambassador at the U.S. Mission to the United Nations in New York from 1997 to 2001. For additional information on ATFA's activities, please visit www.atfa.org, or contact [email protected] or +1-888-662-2382.

SOURCE American Task Force Argentina

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